Are you thinking about a business set up in Dubai? It is fairly easily than you expected. The United Arab Emirates made an incredible transformation from the country of pearl diving to the main hub for industries. The strong and stable political system and flow of money are some of the factors that contributed to this change.
Culture of business in UAE
Before starting a business we should be aware of the rules and regulations, nature of business in the area where you are planning to start. The government of the UAE is encouraging new investors in their country thereby contributing to industrial growth. Now the UAE government is offering long-term visas making it easy for expatriates to start their new business. Communication, customer relationship, and following rules and regulations are the primary key to a successful business in this country.
Starting a business in the UAE
For more than 50% of the business require a partner who is an Emirati. Then you should go for your business registration and licensing formalities. Sometimes you also have to meet the minimum financial requirements.
The most common and recommended way to set up business in the UAE is to start it in the free zones. The free zones are so-called because it is free from import and export taxes. Some of the free zone areas in the UAE include Jebel Ali Free zoneAuthority (JAFZA), Dubai Internet City, Dubai healthcare city, Abu Dhabi airport free zone, HamriyaFree zone, Sharjah Media City, Ajman free zone, Fujairah free zone, etc. You can find the full list of free zones from any business consultants in Dubai or any other emirates.
Obtaining a business visa in UAE
The primary requirement for starting a business in the UAE is a valid visa. There are two types of visas for entrepreneurs. They are five year and ten-year visas available without sponsorship. The 10-year visa is very hard to get and some exceptions are there in visas for people with special talents. The decision is up to the approval of the Ministry of Cultural and Knowledge development.
Registration of your business
For business registration in UAE, you should have a trading name for your business. After that, you should consult the free zone authority where you are starting the business or Economic Development Department from where you are getting the approval for your trading name. One of the most important thing while choosing the trading name is it should be unique.
Once the authority approved the trading name you can apply for a business license. There are four types of licenses in the UAE mainland. They are tourism, professional, commercial, and professional licenses.
Set up a business bank account
It is very important to set up a business bank account in the UAE to start the business. To start an account in the bank you have to go to a bank of your choice and visit that bank official personally. You have to submit all the relevant documents insisted by the respective bank. Some banks will also ask you to submit the business plans and contracts before proceeding to start the account.
Some of the government offers are intended for Emiratis only. Due to this reason you want a local partner to apply for all these formalities. Most of all these come under the Khalifa Fund for Enterprise Development. You can choose your types of office spaces. Traditional office spaces are not recommended by most of the investors because it is expensive. Despite all the above information, every emirate has its own rules and restrictions. So many business consultants in Dubai or UAE are available to guide you properly regarding this. You can be a successful business person in this land of opportunities.